Minetech bags RM33m construction job in Sarawak
Minetech Resources Bhd has won a RM33.69 million contract to undertake construction work for the second phase development of the Sarawak Islamic Skills Institute.
In a filing with Bursa Malaysia, the company said its indirect wholly-owned subsidiary Coral Evergreen Sdn Bhd has accepted the letter of acceptance from Azan Engineering Sdn Bhd for the job.
The project is expected to commence upon receipt of official order from Azan Engineering, and is scheduled to be completed by March 18, 2024, Minetech said.
Mintech executive chairman Datuk Awang Daud Awang Putera said he expects this project to contribute positively to the company’s revenue, earnings and net assets for the financial year ending March 31, 2022.
In a statement, he said the company is actively looking for viable opportunities to expand its construction division.
“Malaysia’s construction industry is expected to rebound in 2021 and continue to grow for subsequent years. Leveraging on our expertise, we will continue to build on our strong track record in the construction division and believe that this project will add to Minetech’s construction growing footprint of projects in Sarawak,” he said.
Minetech’s share price closed 0.5 sen or 2.38% higher at 21.5 sen today, bringing the group a market capitalisation of RM251 million. The counter saw 12.69 million shares traded.
Article Source : TheEdgeMarket.com